"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."

The growth of e-commerce and online advertising in Bulgaria in the last two decades has been impressive. The COVID-19 pandemic gave an additional boost to the digital economy. Amid such rapid development and almost 16 years after its entry into force, the Bulgarian Electronic Commerce Act (the ECA) feels quite outdated.

On July 4, 2022, CEE Legal Matters reported that Djingov Gouginski Kyutchukov & Velichkov had advised Maple Bear on its EUR 100 million investment program for the CEE region through a partnership with Vantage Capital. CEE In-House Matters spoke with Yann Bidan, General Manager at Maple Bear, to learn more about the matter.

Former Dimitrov, Petrov & Co. Law Firm Partner Bilyana Angelova has relocated to Luxembourg to join the European Commission as IT contract manager at Directorate-General for Informatics.

On November 4, CEE Legal Matters reported that Gugushev & Partners had advised Blackpeak Capital on its acquisition of a stake in Telelink Bulgaria. CEE In-House Matters spoke with Kiril Ivanov, Investment Director at Blackpeak Capital, to learn more about the acquisition.

On December 20, 2022, PPG Lawyers announced that KKCG's and Aricoma Group International’s acquisition of Musala Soft (reported by CEE Legal Matters on August 22, 2022) had closed.

Ostermann & Partners, working with Herbert Smith Freehills, has advised Gamepires on its sale to Jagex. Wolf Theiss advised Jagex on the acquisition.

Stoeva Tchompalov & Znepolski, working with Morrison & Foerster, has advised Eurohold Bulgaria on accessing a EUR 40 million loan facility. Boyanov & Co, working with Linklaters, has advised arranger, agent, and original lender JP Morgan. Loyens & Loeff reportedly advised Eurohold on Dutch law-related matters.

On November 4, 2022, CEE Legal Matters reported that Gugushev & Partners had advised BlackPeak Capital on its acquisition of a stake in Telelink Bulgaria. CEELM reached out to Gugushev & Partners Senior Partner Victor Gugushev to learn more about the acquisition.

Under art. 90, par. 1 of the Bulgarian Contracts and Obligations Act, a party may refuse to perform its obligations if there is non-performance by the counterparty under the same transaction ("Statutory Retention Right").

Djingov Gouginski Kyutchukov & Velichkov, working with Buchanan Ingersoll & Rooney, has advised Bulgaria's M2M Services on its acquisition of the Uplink-branded residential and commercial security and fire alarm business line from Sierra Wireless. Canada's Blake Cassels & Graydon reportedly advised the seller.

Despite the political stalemate preventing any legislative movements and access to recovery and resilience funds, Bulgaria's markets are humming, according to Kambourov & Partners Partner Angel Rizov. Which is just as well, as the political crisis shows no signs of abating. 

Kinstellar has advised the owners of Zoo Group Stefanov on the sale of their company to A&M Capital Europe.

Djingov Gouginski Kyutchukov & Velichkov has advised the administrators and senior secured lenders of Bulsatcom UH Holdco Limited on the sale of Bulsatcom to Viva Corporate Bulgaria. Kambourov & Partners and, reportedly, Squire Patton Boggs advised Viva Corporate Bulgaria.

Djingov Gouginski Kyutchukov & Velichkov has advised the Oman Investment Authority on the sale of a real estate portfolio to the Smart Property Fund.

Velchev & Co has helped Premier Energy obtain a natural gas trading license in the Republic of Bulgaria.

After Decree No 318 of 7 October 2022 adopting the Ordinance on the conditions and procedure for issuing, extending and revoking a certificate for a high-tech and/or innovative project (the "Ordinance") was promulgated in issue 82 of the State Gazette of 14 October 2022, Bulgaria joins the almost half of EU countries that issue "start-up visas".

Going through hard times, Bulgaria’s newly elected political parties are still unable to form a government, yet the market is showing positive developments in some sectors, according to Boyanov & Co. Managing Partner Borislav Boyanov.